Welfare-based optimal monetary policy with unemployment and sticky prices: a linear-quadratic framework
Welfare-based optimal monetary policy with unemployment and sticky prices: a linear-quadratic framework
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考虑失业和粘性价格的基于福利的最优货币政策：线性二次框架
DOI：
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发表时间：
2009
期刊：
影响因子：
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通讯作者：
C. Walsh
中科院分区：
文献类型：
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作者：
Federico Ravenna;C. Walsh
我们推导出一个线性二次模型，该模型与劳动力市场中的粘性价格以及搜索和匹配摩擦一致。我们表明，代表代理人福利的二阶近似取决于通货膨胀和涉及当前和滞后失业的“缺口”。我们的近似清楚地表明了福利成本是如何因搜索摩擦的存在而产生的。这些成本不同于标准新凯恩斯主义模型中出现的与相对价格分散和消费波动相关的成本。我们证明劳动力市场结构对最优货币政策具有重要影响。 (JEL E24、E31、E52)
We derive a linear-quadratic model that is consistent with sticky prices and search and matching frictions in the labor market. We show that the second-order approximation to the welfare of the representative agent depends on inflation and "gaps" that involve current and lagged unemployment. Our approximation makes explicit how welfare costs are generated by the presence of search frictions. These costs are distinct from the costs associated with relative price dispersion and fluctuations in consumption that appear in standard new Keynesian models. We show the labor market structure has important implications for optimal monetary policy. (JEL E24, E31, E52)